- Seven major asset managers have filed updated applications for Solana (SOL) exchange-traded funds (ETFs) with the U.S. Securities and Exchange Commission (SEC).
- Solana’s price has surged about 2,000% since late 2022, after dropping below $10 during the FTX collapse.
- The SEC could respond to the amended S-1 filings within two to four weeks, but SOL prices are expected to remain volatile in the meantime.
- Analysts note that SOL recently broke a key chart pattern and identified support levels, with price targets at $205, $225, and $268 if the trend holds.
- Solana’s Relative Strength Index (RSI) is at a moderate level of 45.23, reflecting slowed momentum compared to previous highs.
On August 1, seven asset management firms, including Bitwise, Fidelity, Grayscale, Franklin Templeton, VanEck, Canary Capital, and CoinShares, submitted amended S-1 registration statements to the U.S. Securities and Exchange Commission (SEC) for proposed Solana (SOL) exchange-traded funds (ETFs). These filings indicate progress in the approval process for the first SOL ETFs in the U.S.
The updated S-1 forms may contain changes required by the SEC or updates from the firms to match current regulations. For a spot ETF to launch, both S-1 and 19b-4 forms must receive approval. The SEC usually reviews amended S-1 filings within two to four weeks. In the meantime, SOL’s market price is likely to experience volatility.
Since late 2022, Solana’s price has increased about 2,000%, rebounding from lows below $10 after the FTX collapse. The asset reached multiple all-time highs, displaying strong recovery and resilience in the crypto market. Over the last month, SOL has risen 9%, though it has faced resistance at the $200 mark and has seen price swings both upward and downward.
Crypto analyst Jonathan Carter pointed out that on the daily trading chart, SOL has broken above an ascending triangle pattern that began in March. The asset is currently retesting the breakout area. Carter said, “A successful bounce could confirm the bullish breakout and drive the price toward targets at $205, $225, and $268.” Link to Carter’s analysis.
Solana’s Relative Strength Index (RSI), which measures price momentum, is at 45.23, signaling slower momentum after a recent high above 70. SOL has declined 5.21% over the past week and has traded in a range between $121 and $204. This suggests the asset is consolidating after strong gains recorded in July.
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